Principal Financial Auditor

2 weeks ago

Leominster, Massachusetts, United States The Ladders Full time
Overview:

The Principal Financial Auditor is responsible for independently organizing and executing a range of intricate financial, operational, and compliance audits, adhering to established Internal Audit Standards, as well as the objectives, policies, and procedures of the organization. This role includes directing and overseeing the Audit Department in the absence of the Chief Auditor.

Key Responsibilities:

Department Operations and Team Leadership

  1. Facilitates the planning and coordination of daily departmental activities.
  2. Oversees Audit Interns and departmental staff as necessary, conducting performance evaluations and providing training and mentorship.
  3. Offers insights and recommendations concerning management's goals and objectives.
  4. Participates in various committees and task forces as required.
  5. Independently conducts audits in complex areas throughout the organization.
Internal Audit Framework
  1. Contributes to the development, management, and execution of a comprehensive risk methodology to support the Internal Audit Framework.
  2. Assists in the planning, organization, and execution of the Internal Audit Framework, creating audit plans and programs to effectively assess the organization's financial data, internal controls, records, and systems.
  3. Reports to the Chief Auditor and, in their absence, communicates with the Board of Trustees' Audit Committee Chairman.
  4. Delivers audit findings and reviews to the Director of Audit through both verbal and formal written reports for presentation to relevant management and the Audit Committee.
  5. Ensures all audit activities comply with Internal Auditing Standards.
  6. Supports the Chief Auditor in communicating with the Board of Trustees' Audit Committee as needed.
  7. Monitors auditing standards across all departments, recommending updates to internal audit work programs as necessary, and making adjustments to the audit program and schedule to address identified risks.
  8. Maintains a thorough understanding of industry trends and regulatory compliance developments in system auditing and control techniques, attending relevant seminars and workshops.
Consultative Auditing
  1. Advises and collaborates with Bank Management on all aspects of the COSO internal control integrated framework, assisting the Director of Audit in providing guidance to the Audit Committee and Senior Management on COSO and FDICIA control requirements.
  2. Offers support and direction to external auditors and regulatory examiners.
  3. Guides various banking departments in implementing policies and procedures to ensure robust internal controls, regulatory compliance, and optimal system capabilities, while assisting in resolving issues.
  4. May assist in conducting due diligence investigations for audit consultants on behalf of the Audit Committee and Senior Management.
Audit Committee Support
  1. Assists the Chief Auditor in organizing Audit Committee seminars for Board Members.
  2. Supports the Chief Auditor in developing and delivering training materials and programs for Audit Committee members.
Special Initiatives
  1. Assists the Chief Auditor with special investigations for senior management and the Audit Committee.
  2. Participates in due diligence and selection of technology systems and procedures for new strategic initiatives to ensure compliance with internal audit standards.
Risk Assessment and Management
  1. The Internal Audit Framework is built on a risk methodology that identifies risk levels within the organization. The Principal Financial Auditor will aid in developing and annually updating this methodology, ensuring that higher-risk areas are audited more frequently.
  2. All risk elements within categories for each department must be evaluated and scored at least annually, with a risk matrix utilized for each departmental process. The Internal Audit department reviews enterprise risk management evaluations across various risk categories, independently assessing each risk.
Qualifications:

Education & Certifications:
  • A Bachelor's degree in business administration, finance, accounting, or related fields is required; a Master's degree is preferred.
  • CPA, CBA (Certified Bank Auditor), and CIA (Certified Internal Auditor) certifications are required.
Knowledge, Skills & Abilities:
  • A minimum of 8 years of relevant audit experience within the banking or credit union sector, with demonstrated experience managing complex audit projects.
  • Strong analytical skills and excellent communication abilities, both written and verbal.
  • Comprehensive understanding of risk identification and exposure management.
  • Ability to work autonomously and exercise sound professional judgment.
  • Extensive knowledge of the banking industry.
  • Proficient in effectively communicating with Audit Committee Board members regarding audit matters and associated risks.
  • A tactful approach to balancing audit findings with risk during exit meetings with management.
  • Problem-solving skills with the ability to recommend immediate actions and manage multiple audits/projects simultaneously.
  • Experience in coaching and mentoring management in implementing well-documented internal control matrices.
  • Cybersecurity awareness to safeguard the digital environment, the organization, and its clients.
  • Knowledge of information technology systems, including security configurations.
  • Strong proficiency in Microsoft Word and Excel, with the ability to quickly master new software.
  • Advanced understanding of Federal and State banking regulations.
  • In-depth knowledge of risk management and internal control principles.
  • Proven ability to handle confidential matters discreetly.
  • Flexibility and collaborative skills to work effectively with peers, Senior Management, external auditors, and regulatory examiners.
Equal Opportunity Employer/Protected Veterans/Individuals with Disabilities.

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